Can PEPE Coin Become Bitcoin in the Category of Memecoin?

• The PEPE Coin, with its popularity, entered the market and captured a huge market capitalization.
• It has placed itself among the top meme coins and entered the top 100 cryptocurrencies.

PEPE Coin was launched in mid of April 2023. It is a type of memecoin but has different functionality from other popular meme coins like DogeCoin and Shiba Inu. Memecoins have joined mainstream trading because of the support of some of the prominent figures in society, like Elon Musk, Snoop Dog, etc. 

The green Memecoin, from its Twitter handle, tweeted that it is “the most memorable memecoin in existence”  and added that “Dogs have their day”, referring to the first generation of memecoin, Doge, and Shiba Inu. The coin was created to pay tribute to ”Pepe the Frog”.

The green coin was launched on April 17, 2023. It is a combination of a PEPE and a frog. It was originally created by Matt Furie originally in 2005 since then, it has been associated with various movements like the alt-right movement and other trends.

The Surge in PEPE Coin

The process of calling on Ethereum smart contracts and launching a token might be inexpensive or easy, but generating liquidity on the blockchain is a difficult task. But in the case of the green coin, some high-profile purchases surged the demand for it and positioned it as one of the most prominent memecoin. 

A memecoin investor diluted 0.125 Ethereum to invest in a whopping 5.9 trillion PEPE tokens, the individual converted 0.125 Ethereum for $250. The value of the PEPE token rose to 0.000045 on the first day of trading, May 19, 2023. Many pundits in the industry are optimistic about the green coins’ future and are trying to utilize the opportunity by purchasing them in bulk.

Despite the hype around memecoin, the individual who invested 5.9 trillion PEPE tokens would have a difficult time selling it, as the price of the coin has continuously fallen since its first day of rise.

What Caused Price Rise in Green Coin

Within its origin month green coin saw a surge in the price of the coin and has acquired a large market capitalization, of $1 Billion. Moreover, in April month, the popularity of coins has seen from the Google search data. Within a week, the search count of three increased to 100 green coins. The 100 search count depicts the peak popularity of a particular keyword on search. 

In its short span of life, the green coin touched $0.000004354 ATH with a market capitalization of $1.87 Billion, depicting a meteoric rise. One of the important factors in the rise of green coins is their listing on various top cryptocurrency exchanges, including Binance, OKX, KuCoin, Uniswap, Huobi, and MEXC.

Presently, the coin has plummeted by 60% from its all-time high and is not showing any signs of recovery from $0.00000143. This raises a question, should investors invest in it or not?

Why Are Investors Looking Towards PEPE Coin?

There is no doubt about the popularity of coins and the hype created around them. Potential investors look at it as an opportunity to enter the market, they are praising it as a prominent meme coin. They justify their statement by showing the state of the green coin and the popularity of the coin. 

Conclusion

PEPE Coin has gained significant popularity as a memecoin, entering the top 100 cryptocurrencies and capturing a large market capitalization. However, its price has experienced volatility, raising concerns for potential investors. While some see it as a promising meme coin, others caution about its recent price decline, urging investors to exercise caution before investing.